Just who are the 1%?  One percent of the American population would be 3.1 million people.  But our income statistics come from households, not individuals.  The total number of households in the USA is about 116 million so one percent of those housefholds would be 1.2 million.  The median, or the “averge,” household income is $50,000.  The mean is $65,000 which means half of all housefholds have an income below or above that amount.  

Moving along we find that a household earning $100,000 or more lies in the top 16% of all households and a household income of $150,000 or more places in the top 5% of all households.  Over $250,000 in household income,the benchmark income used by President Obama in discussing tax hikes, places in the top 1.5%. So a household income of $320,000 or so should place you in the top 1% or some 1.2 million of all households. 

Interesting numbers these.  The average medical doctor’s income in the USA is over $250,000 so we can assume a large number of the top 1% are doctors.  There are about one million doctors in the USA so they will account for a large part of those 1.2 million households.  

Come to think of it, the average household with two professionals would probably have an income of over $150,000 which would place them in the top 5%. 

My point is that the top 1% is not the exclusive haunt of the “super rich” fat cat Wall Street con artists but includes many who are just merely successful people.  In fact I would not be surprised that many who read these blogs fall into this group.